The yield curve is a visual representation of the term structure of interest rates, showing the relationship between the prices and maturities of securities denominated in the national currency. It provides an indication of how profitable it is to borrow or invest for different time horizons.

The yield curve is actively used by central banks to assess market expectations, manage liquidity, and regulate monetary policy, as well as by ministries when developing and implementing public debt management policies. For commercial banks, investors, and other financial market participants, the yield curve serves as an important benchmark for decision-making in lending and investment, contributing to a more transparent and efficient financial market.

The calculations are based on weighted average yields of the following instruments: the National Bank’s overnight deposits and notes with maturities of 7, 14, 28, 91, and 182 days, as well as government treasury bills (with maturities of 6 and 12 months) and government treasury bonds (with maturities of 2, 3, 5, and 7 years).